if i understand correctly, all the new software will be written in whats called a "universal binary" which means when installing, you just pick the chipset you have and go from there. in essence, it will be written for both on the same disc.

Yes and no. If the app is correctly programmed to be cross platform (both PPC and x86), then yes, they will run with no problem. However, I have a feeling that there will be a number of apps that people port over from windows and are too lazy or just don't know how to port over to PPC. Thus, there might be a number of programs that run find on x86 macs, but won't run on PPC macs. Games specifically come to mind.

its as simple as checking a box in xtools to compile a universal binary.
I expect that the vast majority of apps will be universal for several years after the complete switch to intel hardware. we'll see about the games though.

I am however, less confident about the PPC emulation on intel Macs.
IMO, buying a PPC mac now/soon is a better choice than jumping on the intel hw right away.

it should be a familiar experience for those who were mac users back in the 680x0->ppc days. basically, applications are "fat"...so it will appear as a normal app but function as a package containing ppc and intel friendly versions, the proper one being launched as necessary whether you're on an intel or ppc mac. this was a PITA back in the days when hard drives weren't quite so large, but since software isn't the hard drive hog any more, no big deal....